The Oscars Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in the year 2029, representing the latest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it finalized a multi-year deal awarding the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, set for March 15th, has been broadcast for 50 years on ABC. Starting in 2029, the show will be viewable as a free live stream on YouTube.
It's another significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic production cuts.
"The Academy is an international organization, and this alliance will enable us to expand access to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the movie industry," said Academy leadership in a announcement.
Over decades, audience numbers of the televised event have declined, even if there was a small rise in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO referred to the Oscars "one of our essential cultural touchstones" and added that working with the Academy would "spark a new generation of creativity and film lovers while remaining faithful to the Oscars' illustrious heritage".
ABC, which has televised the awards since 1976, said that it was looking forward "to hosting the event three more times" it will continue to air.
The move follows film industry giants deal with challenging merger discussions. These potential deals were considered problematic for an business that has witnessed significant downsizing over the past several years.
Like major studios, traditional TV channels have faced issues as the audience has chosen on-demand video instead.
YouTube winning rights to the Oscars strongly indicates that dependence on online services will carry on expanding.
